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Economy of El Salvador vs Mongolia compared: GDP & Debt

Updated on by Georank team

El Salvador has a GDP of $35.4B compared to $23.8B for Mongolia, ranking 105/197 and 121/197 by economy size, respectively.

El Salvador has $30.9B in government debt (87.5% of GDP), compared to $10.5B (44.1% of GDP) in Mongolia.

El Salvador vs Mongolia GDP by year

El Salvador
Mongolia
1x
Year GDP, current $
El Salvador Mongolia
2024 $35,364,960,000 $23,794,540,025
2023 $33,853,940,000 $20,325,121,394
2022 $31,870,120,000 $17,146,471,714
2021 $29,043,140,000 $15,286,441,738
2020 $24,921,190,000 $13,312,981,429
2019 $26,881,140,000 $14,206,359,018
2018 $26,020,850,000 $13,178,094,720
2017 $24,979,190,000 $11,480,847,741
2016 $24,191,430,000 $11,181,350,649
2015 $23,438,240,000 $11,619,892,591
2014 $22,593,470,000 $12,226,514,668
2013 $21,990,960,000 $12,582,122,604
2012 $21,386,150,000 $12,292,770,632
2011 $20,283,780,000 $10,409,797,378
2010 $18,447,920,000 $7,189,481,999
2009 $17,601,620,000 $4,583,850,368
2008 $17,986,890,000 $5,623,216,608
2007 $17,011,750,000 $4,234,999,704
2006 $15,999,890,000 $3,414,055,662
2005 $14,698,000,000 $2,523,471,601
2004 $13,724,810,900 $1,992,066,808
2003 $13,243,892,200 $1,595,297,356
2002 $12,664,190,300 $1,396,555,720
2001 $12,282,533,600 $1,267,997,934
2000 $11,784,927,700 $1,136,896,124
1999 $11,284,197,000 $1,057,408,589
1998 $10,936,669,900 $1,124,440,205
1997 $10,221,705,900 $1,180,934,203
1996 $9,586,327,800 $1,345,719,472
1995 $8,921,947,100 $1,452,165,005
1994 $7,679,384,000 $925,817,092
1993 $6,680,269,200 $768,401,634
1992 $5,813,399,300 $1,317,611,864
1991 $5,252,342,400 $2,379,018,326
1990 $4,817,542,204 $2,560,785,660
1989 $4,372,215,300 $3,576,966,800
1988 $4,189,880,000 $3,204,461,567
1987 $3,958,045,800 $3,020,611,600
1986 $3,771,663,200 $2,896,178,867
1985 $3,800,368,600 $2,186,505,475
1984 $3,661,683,400 $2,098,734,600
1983 $3,506,347,800 $2,725,736,633
1982 $3,399,189,100 $2,552,401,933
1981 $3,437,200,200 $2,310,099,100
1980 $3,573,959,900 $2,101,394,100
1979 $3,463,639,900 -
1978 $3,127,960,000 -
1977 $2,941,640,100 -
1976 $2,328,280,100 -
1975 $1,884,120,100 -
1974 $1,665,880,000 -
1973 $1,442,320,000 -
1972 $1,263,720,000 -
1971 $1,186,120,000 -
1970 $1,132,920,000 -
1969 $1,049,400,000 -
1968 $1,009,760,100 -
1967 $976,200,000 -
1966 $929,520,000 -
1965 $877,720,000 -

Data sources: World Bank | Economy & Growth (1965–2024, retrieved 2026-04-06).

GeoRank.org/economy/el-salvador/mongolia | CC BY

GDP per capita in El Salvador vs Mongolia by year

El Salvador
GDP per capita

GDP per capita, PPP
Mongolia
GDP per capita

GDP per capita, PPP
1x
Year Current $
El Salvador Mongolia
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $5,580 $13,264 $6,751 $19,145
2023 $5,365 $12,680 $5,839 $18,005
2022 $5,075 $11,876 $4,994 $16,402
2021 $4,643 $10,810 $4,518 $14,792
2020 $3,997 $9,393 $4,001 $13,693
2019 $4,320 $9,757 $4,348 $13,605
2018 $4,184 $9,204 $4,108 $12,317
2017 $4,020 $8,965 $3,646 $11,096
2016 $3,901 $8,456 $3,620 $10,511
2015 $3,790 $7,934 $3,839 $10,458
2014 $3,666 $7,504 $4,126 $10,900
2013 $3,582 $7,093 $4,340 $10,442
2012 $3,498 $6,708 $4,329 $10,152
2011 $3,331 $6,594 $3,736 $8,862
2010 $3,040 $6,248 $2,625 $7,532
2009 $2,910 $6,063 $1,703 $7,119
2008 $2,983 $6,175 $2,127 $7,297
2007 $2,831 $5,949 $1,628 $6,678
2006 $2,666 $5,695 $1,330 $5,977
2005 $2,447 $5,292 $995 $5,406
2004 $2,286 $4,998 $794 $4,942
2003 $2,208 $4,829 $643 $4,399
2002 $2,115 $4,672 $570 $4,083
2001 $2,058 $4,543 $524 $3,889
2000 $1,983 $4,422 $476 $3,740
1999 $1,908 $4,298 $449 $3,664
1998 $1,860 $4,171 $484 $3,555
1997 $1,749 $4,043 $515 $3,449
1996 $1,651 $3,880 $596 $3,310
1995 $1,548 $3,808 $653 $3,229
1994 $1,344 $3,591 $423 $3,021
1993 $1,180 $3,390 $355 $2,929
1992 $1,041 $3,171 $608 $2,951
1991 $956 $2,945 $1,099 $3,183
1990 $892 $2,856 $1,220 $3,479
1989 $825 - $1,684 -
1988 $806 - $1,543 -
1987 $777 - $1,493 -
1986 $755 - $1,469 -
1985 $776 - $1,138 -
1984 $763 - $1,120 -
1983 $745 - $1,490 -
1982 $735 - $1,430 -
1981 $752 - $1,325 -
1980 $787 - $1,235 -
1979 $773 - - -
1978 $712 - - -
1977 $684 - - -
1976 $553 - - -
1975 $457 - - -
1974 $413 - - -
1973 $366 - - -
1972 $329 - - -
1971 $316 - - -
1970 $309 - - -
1969 $293.4 - - -
1968 $290.1 - - -
1967 $288.4 - - -
1966 $282.4 - - -
1965 $274.3 - - -

Data sources: World Bank | Economy & Growth (1965–2024, retrieved 2026-04-06).

GeoRank.org/economy/el-salvador/mongolia | CC BY

El Salvador's GDP per capita is $5,580, ranking 116/197, compared to $6,751 in Mongolia, ranking 105/197. Adjusted for purchasing power (GDP per capita PPP), El Salvador ranks 120th at $13,264, while Mongolia ranks 98th at $19,145.

Economic indicators

El Salvador Mongolia
Gross domestic product
$35.4B
2024
$23.8B
2024
GDP rank
105/197
2024
121/197
2024
GDP growth
2.6%
2023-2024
5.12%
2023-2024
GDP per capita
$5,580
2024
$6,751
2024
GDP per capita rank
116/197
2024
105/197
2024
GDP per capita, PPP
$13,264
2024
$19,145
2024
GDP per capita PPP rank
120/197
2024
98/197
2024
Government debt
$30.9B
2024
$10.5B
2024
Debt-to-GDP ratio
87.5%
2024
44.1%
2024
Government debt per person
$4,883
2024
$2,974
2024
Government debt per person rank
81/185
2024
101/185
2024
Average annual personal income after taxes
$4,768
2026
$5,311
2026
Income share by richest 10%
29.7%
2023
24.6%
2022
Income share by poorest 10%
1.9%
2023
3.4%
2022
Government expenditure, % of GDP
31.4%
2024
37.5%
2024
Consumer prices inflation
0.85%
2023-2024
6.2%
2023-2024
Central bank interest rate n/a
12%
2025
Unemployment rate
2.71%
2024
5.81%
2024
Population
6399793
3620317

Spending and national debt comparison by year

El Salvador
Spending

Debt
Mongolia
Spending

Debt
1x
Year % of GDP
El Salvador Mongolia
Government spending Government debt Government spending Government debt
2024 31.4% 87.5% 37.5% 44.1%
2023 30.5% 85.1% 31.9% 46.7%
2022 28.7% 83.7% 33.7% 64.6%
2021 31.1% 88% 35.9% 67.4%
2020 32.7% 95.4% 37.1% 83.4%
2019 27.8% 77.9% 30.8% 66.8%
2018 27.6% 77% 28.4% 76.5%
2017 28.1% 77.1% 32.2% 86.9%
2016 27.5% 75.2% 39.7% 78.7%
2015 27.1% 73.5% 31.2% 50.5%
2014 27.6% 71.8% 32.1% 44%
2013 28.5% 69.7% 32.2% 49.4%
2012 27.4% 70% 36.1% 43.7%
2011 25.3% 65.6% 37.9% 32.7%
2010 25.6% 66.8% 31.6% 31%
2009 26% 65.8% 35.5% 48.5%
2008 24.5% 54.2% 37.6% 31%
2007 22.8% 52.2% 35.3% 36.1%
2006 23.4% 52.6% 26.2% 40.9%
2005 22.4% 46.3% 25.1% 55.9%
2004 21.5% 46.8% 31.8% 75%
2003 22.6% 46% 33.7% 90%
2002 22.5% 43.8% 35.5% 72%
2001 21.7% 37.8% 35.2% 69.2%
2000 21% 29.6% 34.5% 79.3%
1999 19.7% 28% 33.2% 103.7%
1998 19.3% 25.7% 36.2% 77.5%
1997 18.6% 27.8% 30.8% 61%
1996 21% 28.5% 28.6% 49.7%
1995 18.6% 28% 26.6% 40.2%
1994 18.9% 30.5% 32.2% 57.6%
1993 18.5% 31.9% 38.3% 57.8%
1992 20.8% 36.4% 29.1% 29.3%
1991 18.5% 43.3% 46% -
1990 15.9% - 51.7% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-02-20).

GeoRank.org/economy/el-salvador/mongolia | CC BY

In 2024, El Salvador's government spending was $11.1B, accounting for 31.4% of its GDP, while Mongolia spent $8.92B, or 37.5% of GDP.

Debt-to-GDP ratio is 87.5% in El Salvador and 44.1% in Mongolia, ranking 36/185 and 122/185, respectively.

Government deficit by year

Deficit/surplus
El Salvador

Mongolia
1x
Year Deficit/surplus, % of GDP
El Salvador Mongolia
2024 -4.55% 1.39%
2023 -4.69% 2.73%
2022 -2.68% 0.67%
2021 -5.53% -3.05%
2020 -8.18% -9.24%
2019 -3.07% 1%
2018 -2.71% 2.85%
2017 -2.53% -3.72%
2016 -3.1% -15.3%
2015 -3.63% -5.04%
2014 -4.02% -3.73%
2013 -4.46% -0.93%
2012 -3.81% -6.24%
2011 -4.47% -4.01%
2010 -4.97% 0.43%
2009 -6.65% -5.2%
2008 -3.8% -4.52%
2007 -2.32% 2.64%
2006 -3.42% 7.58%
2005 -3.47% 2.43%
2004 -2.76% -1.62%
2003 -4.23% -3.38%
2002 -5.5% -4.74%
2001 -4.95% -4.33%
2000 -3.45% -5.82%
1999 -3.08% -9.91%
1998 -2.94% -12.3%
1997 -1.97% -8.09%
1996 -2.7% -6.88%
1995 -0.18% -4.97%
1994 -0.94% -9.74%
1993 -1.42% -13.3%
1992 -4.29% -8.1%
1991 -2.3% -6.37%
1990 -0.61% -9.37%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

GeoRank.org/economy/el-salvador/mongolia | CC BY

In 2024, El Salvador's government deficit, the difference between spending and revenue, was $1.61B, equivalent to 4.55% of GDP. This compares to Mongolia's surplus of $332M, or 1.39% of GDP.

Over the past 35 years, El Salvador recorded a fiscal deficit in 35 of those years, while Mongolia ran a deficit in 26 years. On average, El Salvador posted an annual deficit equal to 3.52% of GDP, compared to deficit of 4.23% of GDP for Mongolia.

Inflation comparison by year

Inflation
El Salvador

Mongolia
1x
Year Consumer prices inflation
El Salvador Mongolia
2024 0.85% 6.2%
2023 4.05% 10.4%
2022 7.2% 15.1%
2021 3.47% 7.4%
2020 -0.37% 3.7%
2019 0.08% 7.3%
2018 1.09% 6.8%
2017 1.01% 4.3%
2016 0.6% 0.8%
2015 -0.73% 6.8%
2014 1.14% 12.9%
2013 0.76% 10.6%
2012 1.73% 13.8%
2011 5.13% 8.8%
2010 1.18% 8.3%
2009 1.06% 7.6%
2008 6.71% 28%
2007 4.58% 9.6%
2006 4.04% 4.4%
2005 4.69% 12.6%
2004 4.45% 8.3%
2003 2.12% 5.2%
2002 1.87% 0.9%
2001 3.75% 6.4%
2000 2.27% 11.3%
1999 0.51% 7.6%
1998 2.55% 9.5%
1997 4.49% 30%

Data sources: International Monetary Fund (IMF) | World Economic Outlook (1997–2024, retrieved 2026-02-20); World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

GeoRank.org/economy/el-salvador/mongolia | CC BY

Over the past 28 years, El Salvador has recorded an average annual inflation rate of 2.51%, compared with 9.45% in Mongolia. In 2024, inflation was 0.85% in El Salvador and 6.2% in Mongolia.

Top exports between countries

El Salvador
Export category Export value
Chemicals & pharma $32K
Mongolia
Export category Export value

Balance of trade

El Salvador Mongolia
Current account balance
-$633M
2024
-$2.49B
2024
Current account balance ranking
110/190
2024
149/190
2024
Current account balance, % of GDP
-1.79%
2024
-10.4%
2024
Goods imports
$15.1B
2024
$11.7B
2024
Goods exports
$5.59B
2024
$14.7B
2024
Service imports
$3.26B
2024
$4.92B
2024
Service exports
$6B
2024
$1.6B
2024
Imports of goods and services, % of GDP
51.9%
2024
69.7%
2024
Exports of goods and services, % of GDP
32.8%
2024
68.7%
2024

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

El Salvador Mongolia
Economic freedom 57.7 63.9
Economic freedom ranking 114/197 76/197
Property rights 42.7 49.2
Government integrity 31.5 35.8
Judicial effectiveness 15.3 54.9
Tax burden 76.8 83.7
Government spending 72.7 64.6
Fiscal health 59.4 96.1
Business freedom 65.7 68.4
Labor freedom 51.6 68.2
Monetary freedom 70.6 72.1
Trade freedom 76.4 74.4
Investment freedom 70 50
Financial freedom 60 50

Economic freedom comparison by year

El Salvador
Mongolia
1x
Year Economic freedom index
El Salvador Mongolia
2026 57.7 63.9
2025 56.6 62.6
2024 54.4 60.6
2023 56 61.7
2022 59.6 63.9
2021 61 62.4
2020 61.6 55.9
2019 61.8 55.4
2018 63.2 55.7
2017 64.1 54.8
2016 65.1 59.4
2015 65.7 59.2
2014 66.2 58.9
2013 66.7 61.7
2012 68.7 61.5
2011 68.8 59.5
2010 69.9 60
2009 69.8 62.8
2008 68.5 63.6
2007 68.9 60.3
2006 69.6 62.4
2005 71.5 59.7
2004 71.2 56.5
2003 71.5 57.7
2002 73 56.7
2001 73 56
2000 76.3 58.5
1999 75.1 58.6
1998 70.2 57.3
1997 70.5 52.9
1996 70.1 47.4
1995 69.1 47.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/el-salvador/mongolia | CC BY

The Economic Freedom Index for El Salvador is 57.7, ranking 114/197, compared to 63.9 for Mongolia, ranking 76/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

El Salvador Mongolia
Services, % of GDP
61%
2024
44.3%
2024
Industry, % of GDP
22.4%
2024
38.1%
2024
Agriculture, forestry, and fishing, % of GDP
4.38%
2024
7.29%
2024
GNI, Atlas method
$32.5B
2024
$19B
2024
GNI per capita, PPP
$12,420
2024
$17,000
2024
Total reserves including gold
$3.7B
2024
$5.51B
2024
Total reserves ranking
110/177
2024
95/177
2024
Net foreign direct investment
-$636M
2024
-$2.73B
2024
Net inflows of foreign direct investment
$924M
2024
$2.78B
2024
Net outflows of foreign direct investment
$288M
2024
$55.5M
2024
Servicing debt to the IMF, % of GNI
35%
2024
25.7%
2024
Poverty at national poverty lines
27.2%
2023
27.1%
2022
Gross capital formation, % of GDP
20.3%
2024
35.5%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/el-salvador/mongolia | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1965–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1992–2005, retrieved 2026-02-20)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)
  8. TradeMap (2024, retrieved 2026-02-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.